As the old adage goes, “failing to plan is planning to fail,” and so should your finances be treated, especially before the big splurge this festive season.
Over-spending in December leaves most of us deflated as we enter a new year. Although you can’t avoid the festive season you can avoid unnecessary stress and strain on your wallet by planning and making sure that you have the proper tools in place.
Here are some tips on how to effectively prepare for the festive season:
1. Plan and allocate a budget
Draw up a list of the things you want to buy and allocate a budget for your shopping. If you are thinking of a holiday, be realistic and include all costs such as travel, accommodation, food, toll-fees and entertainment.
2. Early bird
Now that you have your list, start looking for sales and consider bargain shopping. If you think it’s too early, save the money and shop closer to the time.
3. Pay extra on accounts
Free up cash in your festive budget by paying extra on accounts like your bond and credit card throughout the year. This will also ensure that you enter the new year with a little less debt.